This may bode very ill indeed for retirees

The formerly great state of Illinois now has the crappiest credit rating in the country at A-, even lower than the formerly great state of California. It also appears that Rahm Emmanuel, mayor of the incredibly corrupt and pretty much broke city of Chicago, is preparing to dump their $23Billion retiree healthcare problem onto Obamacare. If you add in the fact that today Jerry Brown called a special session of the legislature to deal with setting up the health care exchange for Obamacare, how comfortable do you feel about all this? Just asking.

I said it was coming and everybody doubted and laughed. PERS is always looking for ways to save a buck, and now, it’s at OUR expense. Oh don’t get me wrong. For those vested, or only have themselves covered, watch for PERS to continue to pay 100% toward your medical – at the cost for the Obamacare plan. Before getting yourself worked into a tizzy, know that you’ll still be able to keep your current health plan – but at the additional cost! And it’s all legal.